ASEAN: Propene Market 2024

Propene Market Size in ASEAN

In 2021, the ASEAN propene market increased by 1.5% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption showed a perceptible decline. The growth pace was the most rapid in 2018 with an increase of 9.5% against the previous year. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Propene Production in ASEAN

In value terms, propene production reached $X in 2021 estimated in export price. In general, production saw a pronounced reduction. The most prominent rate of growth was recorded in 2018 with an increase of 10%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Propene Exports

Exports in ASEAN

In 2021, the amount of propene (propylene) exported in ASEAN fell slightly to X tons, dropping by -3.5% against the year before. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by 34%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, propene exports skyrocketed to $X in 2021. Overall, exports saw a mild curtailment. The growth pace was the most rapid in 2017 with an increase of 46%. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Thailand was the key exporter of propene (propylene) in ASEAN, with the volume of exports amounting to X tons, which was near 58% of total exports in 2021. Singapore (X tons) ranks second in terms of the total exports with a 20% share, followed by Malaysia (9.5%) and the Philippines (9.4%). Myanmar (X tons) held a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to propene exports from Thailand stood at +6.7%. At the same time, Myanmar (+325.2%) and Singapore (+1.4%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +325.2% from 2012-2021. By contrast, the Philippines (-1.8%) and Malaysia (-10.9%) illustrated a downward trend over the same period. While the share of Thailand (+25 p.p.), Singapore (+2.1 p.p.) and Myanmar (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the Philippines (-1.8 p.p.) and Malaysia (-17.8 p.p.) displayed negative dynamics.

In value terms, Thailand ($X) remains the largest propene supplier in ASEAN, comprising 57% of total exports. The second position in the ranking was held by Singapore ($X), with a 21% share of total exports. It was followed by Malaysia, with a 9.1% share.

In Thailand, propene exports expanded at an average annual rate of +4.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Singapore (+0.6% per year) and Malaysia (-13.7% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, rising by 28% against the previous year. In general, the export price, however, saw a pronounced slump. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Myanmar ($X per ton) and Singapore ($X per ton), while the Philippines ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Myanmar (-0.7%), while the other leaders experienced a decline in the export price figures.

Propene Imports

Imports in ASEAN

Propene imports dropped slightly to X tons in 2021, reducing by -3.8% on 2020 figures. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when imports increased by 51% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, propene imports soared to $X in 2021. Over the period under review, imports showed a pronounced curtailment. The pace of growth was the most pronounced in 2019 with an increase of 39%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Indonesia represented the main importer of propene (propylene) in ASEAN, with the volume of imports resulting at X tons, which was near 39% of total imports in 2021. Singapore (X tons) held the second position in the ranking, distantly followed by Malaysia (X tons), the Philippines (X tons) and Thailand (X tons). All these countries together held approx. 61% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Singapore (with a CAGR of +29.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Singapore ($X) and Malaysia ($X) were the countries with the highest levels of imports in 2021, with a combined 79% share of total imports.

Among the main importing countries, Singapore, with a CAGR of +26.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, jumping by 21% against the previous year. In general, the import price, however, continues to indicate a noticeable downturn. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Malaysia ($X per ton) and Thailand ($X per ton), while the Philippines ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (-1.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform